LTCUSD Long-term Trend – Bearish
Distribution territories: $200.00, $250.00, $300.00.
Accumulation territories: $150.00, $100.00, $50.00.
The directional bias on LTCUSD pair remains bearish as it fails to break above the key distribution territory of $200.00 some few days ago. Price has been trading downwards. Stochastic oscillator on chart has crossed the overbought territory pointing downward. The moving average 13 has also crossed the moving average 50 from the top and all these have made the market trend towards accumulation territory of $150.00, at the time of writing. The market retracement session could still be experienced this week.
Price of Litecoin could reverse against the US dollar and break the immediate distribution territory of $200.00 and which could strongly suggest that sellers should exercise a precautionary bias as such movement could extend to the territory of $250.00. Although it might not be so soon for the current price to rally from its downward movement.